Rate Article:

New strategy will ensure Dubai's quick recovery: Government-owned companies may be offered to the public

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, said on Sunday he is optimistic on the new strategy being adopted by Dubai to face the challenges of the global economic crisis.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Supreme Fiscal Committee (DSFC), said that the slowdown that took place over the last two years gave Dubai the opportunity to think, regroup and return to basics in order to leverage on its core competitive edge.

Sheikh Ahmed also pointed out that Dubai was working on diversifying revenue sources and said privatization of government-owned companies was part of the consideration.

Tourism revenues for the first 10 months of this year rose by 19 per cent to JD2.05 billion, compared to JD1.73 billion during the same period of 2009.

The total number of visitors during the January-October period also increased by 18 per cent, from 5.9 million to 7 million, the Jordan News Agency, Petra, reported on Sunday.

Visitors from Arab Gulf states accounted for around 19.2 per cent of the overall figure, while those from other Arab countries constituted 24.6 per cent, Petra said. Meanwhile, tourists from foreign countries made up 27.6 per cent.

Petra earned the highest revenues generated by entry fees, amounting to JD14.5 million, a magnificent 48 per cent rise compared to JD9.8 million last year.

The tourism sector contribution to the gross domestic product is around 14 cent, according to Petra.